Citibank Plus International Purchases - GBP

LWheresmyspaceship on 16/01/2017 - 10:36
Last edited 16/01/2017 - 10:51 by 1 other user

Good morning OzB's,

Can someone please help me understand something which should be very simple…?

I'm looking to make a purchase from Amazon using my new Citibank Plus card (which has not arrived yet, just getting ahead of myself) and I will perform the transaction using the GBP to avoid Amazon's horrible international rate.

Should I be using the 'Buy' or 'Sell' rate used on this page: https://www.citibank.com.au/aus/investments/forex-rates/AUD.…

As far as I understand, it should just be "Price in $AUD = GBP*'buy/sell rate'".

Thanking you in advance :)

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Citibank Australia

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  Kenb0 on 16/01/2017 - 11:19

  +4

  You should be using neither. That link links to the rates you'll be using if you did a wire transfer with the account.

  Depending on whether the card you get is a visa or mastercard, you'll be getting the rates that visa/mastercard use. The original Citibank Plus debit card was a visa, but I believe its changing to mastercard.

  The following links will give better ideas on what rate you'll get:
  Visa: https://www.visa.com.au/travel-with-visa/exchange-rate-calcu…
  Mastercard: https://www.mastercard.us/en-us/consumers/get-support/conver…

  • 

    Wheresmyspaceship on 16/01/2017 - 11:42

    Much appreciated Kenb0, I thought that might have been the case.

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  CLoSeR on 16/01/2017 - 12:42

  You'll get Citibanks bank rate, it will be better than the conversion rate offered by Amazon.

  Pay in USD or GBP.

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  ilikeradiohead on 16/01/2017 - 16:11

  +1

  As Kenb0 said, you don't actually choose the buy or sell rate.
  However, if you were purchasing foreign currency, the easiest way to tell is whichever nets you less (I can never remember the terminology).
  Eg: if you want to exchange $100

  • Rate 1 is 0.60 GBP to AUD = 60 Pounds
  • Rate 2 is 0.62 GBP to AUD = 62 Pounds

  Rate 1 is the rate that would be used, and you'll get 60 pounds for your $100. If you wanted to convert back to AUD, you would need to pay 62 pounds for $100AU.

  If you're buying an item that is 500 pounds with AUD, it will cost you 500/0.6 = $833.33.
  If you're buying an item that is $833.33 with pounds, it will cost 833.33*0.62 = 516 Pounds.

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    Wheresmyspaceship on 16/01/2017 - 17:17

    Thanks, I'd given that a go already to get an estimate. I'm really surprised neither of them display rates for all conversions.